According to the Wall Street Journal, HP is aiming to release a more consumer-oriented iPAQ smartphone that will first debut in Europe. The new iPAQ phone will run Windows Mobile 6.1 and have a touch screen and a numeric keypad.

WSJ claims it will be released in Europe in two months, and later worldwide. That's about all they're giving up now, but the info came from an HP spokesperson, according to the article which you can read here: http://www.wsj.com/article/SB122298614491799899.html .